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The GBP/USD pair went back and forth during the course of the day on Thursday, bouncing around underneath the 1.40 level. With that, the market looks likely to continue to struggle, as the United Kingdom should make a decision on whether or not to be part of the European Union. With that, a lot of currency traders are pricing in the possibility of the UK leaving. Ultimately, it’s a pretty simple trade for us if we can break down below the bottom of the recent low. If we do that, the market should be sold. Rallies at this point in time should be sold on signs of exhaustion as well.

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